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The cost of becoming an Ontario real estate agent or broker and the cost of remaining an Ontario real estate agent or broker

The real estate industry in Ontario (and every where else) is a “licensed profession”. There are costs to becoming a licensed real estate agent. There are costs to maintaining your real estate license. That said, the costs are far less than the costs associated with other professions.

The licensing costs are subject to change. Effective January 1, 2017 the “Real Estate Council of Ontario” (“RECO”) has increased the “licensing fees”.

What follows is an email that I received this morning. The above tweet references the following information. In summary:

1. It appears that the content – in terms of the required courses – of the existing licensing process will continue until 2019.

2. People will have now have to complete ALL five of the required courses before starting the articling process. The one elective will be taken during the articling process. This will take effect on April 1, 2016. Therefore …

3. Although not explicitly stated, it appears that OREA will cease (possibly completely) to be the sole course provider for RECO Ontario Real Estate exams.

It is very clear that starting in 2019 it is becoming to become much more difficult to achieve either a Broker’s license or a license to see real estate in Ontario.

So, if you are considering a career in real estate, you should get moving!!What follows is the information received …

Important changes are coming to pre-registration education that will boost the knowledge of new entrants to the profession.

>RECO is making these changes with support from OREA, the current education provider.

Beginning April 1, 2016, aspiring registrants will have to complete five courses before they can register to trade in real estate, instead of three. The two additional courses, including property law, were previously articling requirements. Including them in the pre-registration phase will help aspiring registrants hit the ground running when they enter the profession.

The change will apply to those who enroll in the pre-registration program beginning April 1. Those who enroll before that date will be subject to the current three course requirement.

“Real estate is a demanding profession, so aspiring registrants and their clients will benefit from additional education before they start trading,” says RECO Registrar Joseph Richer. “We’re pleased to have worked with OREA to make this happen.”

“Improving education standards will help ensure that the salespersons of tomorrow are even more knowledgeable and capable right from the start,” says OREA CEO Ed Barisa. “As the long-standing RECO-designated provider of real estate education in Ontario, we look forward to implementing this change. And, as always, we will continue to work to improve the student experience at the OREA Real Estate College.”

In addition, RECO and OREA have extended their education contract until December 31, 2020.RECO has been engaging in a thorough review of registration education, and will launch a new program in 2019. The extension of the contract with OREA will allow for an 18-month transition period between the current and new programs.

Richer says: “During our comprehensive review of the current program, we heard time and again that new registrants needed to be more practice ready when they enter the profession. We worked with OREA to see what could be done now to move us closer to that objective, as we work to renovate the program for the long term.

“The best solution was for the courses to be moved from the articling phase to the pre-registration phase. Extending the contract with OREA gave us the opportunity to make this much-needed change right away and provide us the time to build the new structure. This was an important first step in the move to the new registration education program.”

Aspiring registrants will also now be required to take both the commercial and residential courses prior to becoming registered. Previously, they would take one before registration and the other during the articling phase. Our consultative review of the program showed wide-spread support for this change, ensuring that new registrants have understanding of both commercial and residential right from the start.

Real Property Law

The existing registration courses cover real estate law, while Real Property Law reinforces and expands on the concepts that students have learned.

New learning path

OREA has produced a learning path that illustrates the revised requirements.Chart of the course changes

The OREA Commercial Exam is love by few and despised by many. The Exam focuses on the standard “Commercial Lease”. “Commercial Leases” are in a “business context”. Business analysis is largely about math and numbers.

Therefore the OREA Commercial Real Estate Exam is about math and numbers. The exam is what I would call:

“A mile wide and an inch deep.”

The exam tests the “wide” application of a number of simple principles.

Last week while showing a condo at the Absolute Towers project I was intrigued by the shape and design of one of the buildings. The units come with spectacular and panoramic views.Ingenuity abounds and is evident even in the elevator which displays a screen with the largest numbers I’ve ever seen. It’s no wonder this project was nicknamed the Marilyn Monroe.

The woman and her legend continues to capture,inspire, motivate and actually demands us to write about her. Her presence lives on not only in pictures but in the hearts of all of us. Perhaps it was the combination of her beauty, her innocents and at times a tormented life that somehow managed to keep us betwixt and between all these years.

The Absolute Towers, in Mississauga were designed by Yansong Ma, a prominent Japanese architect and founder of Mad Architects. Fernbrook Homes were the developers of the project.

The Danforth, also known as Greek Town, is an area in the east end, in the city of Toronto. It is a fascinating, ageless neighbourhood. Full of vibrant, eclectic energy. You’ll find amazing restauranteurs and shop owners all having a story to share. Everywhere I look I see interesting, beautiful faces. And the real estate is just as appealing as the people that live here.

The amazing architect dates back to the early 1900’s and was one of the major settlements for Greek immigrants. If you happen to be a visitor in our city don’t be surprised if you run into one proud Greek resident telling you that some of the scenes in the movie “My Big Fat Greek Wedding” were actually filmed in their unforgettable neighbourhood.

While shopping at my favourite local fruit market I took the opportunity to stop by and gaze at the lovely gelato and sweets. One…

As real estate prices continue to increase, man are asking the question whether it is better to rent or to own. Obviously, there are a number of intangible factors that are important. The tangible factors are of course money and the economics of investment. The economics of investment are influenced by taxation. As real estate professionals you are called upon to advise your clients. Interestingly one of he most important questions is to know whether your client is a U.S. citizen (triggered by having a U.S. birthplace). The reason is: